For the second consecutive year,
The IFDI measures five key components that combine to depict the bigger picture of the state of Islamic finance:
The IFDI global average development value is 10.
The Awareness Indicator value is the highest global average across the IFDI – 15 development points, held up by a high global average value of 29 development points for the News sub-indicator, which assessed 92 countries. The other two sub-indicators for Awareness are: Seminars (global average value 7) and Conferences (global average value 9). There were 231 Islamic finance seminars and conferences and 14,490 exclusive news in 2013.
There is a gap between Awareness development and
Moving from Awareness to Knowledge is one challenge for the Islamic finance industry worldwide. The global average development value for the Knowledge Indicator, eight, is second lowest only to the Quantitative Development Indicator, which is a hopeful sign that widespread awareness is being slowly translated into knowledge via courses, degree programmes and research. Globally, 66 countries contributed to this Indicator.
There were 477 institutions providing Islamic finance courses and degrees and the number of research papers published between 2011 and 2013 reached 1,363. Of note, there is greater interest to learn about Islamic finance in Sub-Saharan Africa, which closely trails leaders
The global average score for the Quantitative Development Indicator stands at a very low six development points. There is a highly uneven development of Islamic finance worldwide, even among the top 10 most developed nations. 53 points separate first place
Governance considers Regulations, Sharia Governance and Corporate Governance. The global average value for Governance is 12 development points. Only 28 out of 92 countries have Islamic finance regulations. Unsurprisingly, the overwhelming majority of jurisdictions (86 per cent, 24 countries) with regulations are Muslim-majority countries. Of the remaining four,
The CSR Indicator considers CSR Funds Disbursed and CSR Disclosure. Overall, average disclosure for financial reporting is high but there is a low level of CSR disclosure; on average only 30 per cent of items are disclosed. There is particularly a lack of disclosure of training and employee welfare activities.
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